Core Insights - Ethereum price is currently around $3,000, facing significant pressure as on-chain data indicates selling from key holder groups [1][2] - Despite a recent 10% recovery, Ethereum's broader trend shows a 23% decline over the past 30 days, suggesting underlying weakness [2] - Long-term holders have significantly increased their selling activity, with a notable rise in ETH offloaded from long-term wallets [4][5] Market Dynamics - The Relative Strength Index (RSI) indicates a hidden bearish divergence, suggesting that the recent price rebound may be weak and that sellers still dominate the market [3][6] - Long-term holders have offloaded approximately 973,000 ETH in just six days, marking a 191% increase in selling pressure [4] - The Hodler Net Position Change metric has remained negative, indicating that long-term holders are sending ETH back to exchanges [4][6] Price Structure - Ethereum is approaching a critical support level at $3,016, which aligns with the 0.382 Fibonacci retracement level [7] - If this support level fails, potential price targets could drop to $2,864 and further to $2,619, especially if selling pressure continues [7] - The current pennant structure indicates that the price could break either way, but the prevailing selling trend suggests a higher risk of a downside break unless buying interest increases [8]